BCH/USD Medium-term Trend: Ranging

Supply zones: $1150, $1200, $1250

Demand zones: $1000, $950, $900

The asset continues ranging in the medium term. The bears' pressure within the range is more pronounced than the bulls. They kept pushing price down after each bullish candle formation. The stochastic oscillator is past the overbought region now and the signal points down. This implies downward momentum. It means the bears' pressure may increased thereby pushing price further south. The journey to the lower demand area of the range may have started. The first target of the bears may likely be the 50-day EMA at $1100.00.

BCH/USD Short-term Trend: Bearish

Bitcoin Cash continues to show a bearish trend in the short-term outlook. The pair broke the trendline and retested it as analysed yesterday as you can see from the chart. The first take target of the bears was nicely achieved at the $1127.00. Price is hovering around this area currently. As more sellers take a position and their pressure increases a break of the demand area may occur. The demand area at $1104.00 may likely be the bears' next target.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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